Product ID: SQMIG35A2641
Global Clinical Trials Market Size, Share, Growth Analysis, By Phase(Phase I, Phase II), By Disease(Autoimmune/Inflammation, Pain Management) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2641 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
69 |
Figures:
75
Global Clinical Trials Market Insights
Clinical Trials Market size was valued at USD 47.07 billion in 2019 and is poised to grow from USD 49.8 billion in 2023 to USD 82.72 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).
Clinical trials are extensive research projects that evaluate novel diagnostic and therapeutic procedures and determine how they affect human health outcomes. A variety of people/patients voluntarily take part in clinical trials to examine various medical interventions, such as medications, medical equipment, and other biological products. Clinical trials are carried out in four stages and are closely monitored by regulatory agencies throughout the course of the study. Furthermore, the burden of chronic diseases is rising, according to WHO data published in April 2021. This is anticipated to boost demand for clinical trials as well as the development of new medications. It has been noted that cardiovascular illnesses, obesity, and diabetes are to blame for over half of all chronic disease deaths. For instance, non-communicable diseases (NCDs) account for 41 million annual deaths, or 71% of all fatalities worldwide. Due to the high prevalence of NCDs, there is a significant need for novel medications and technologies, which drives up the number of clinical studies and, ultimately, propels market expansion.
The market is expected to grow as technologically sophisticated digital solutions become more widely used, along with a number of government initiatives. Another factor driving the burden of long-term diseases and demand for clinical trials is the growing elderly population. The companies' focus on creating novel treatments for rare or genetic conditions that necessitate concentrated and specialised clinical trials has increased as a result of the rising burden of these diseases. This is expected to accelerate the growth of the sector. Additionally, the size and quantity of clinical trials have increased steadily as the commercial approach to clinical research extends from Europe and the US to the majority of the world. As a result, pharmaceutical companies are under more pressure to meet deadlines. Even huge pharmaceutical companies are finding it challenging to handle the rising workload, which is driving up outsourcing. So, during the course of the projection period, the market is expected to grow as demand for clinical trials outsourcing rises.
US Clinical Trials Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Clinical Trials Market Report Snapshots
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